Our Offices will be closed on:

September 3 and September 6, 2010

The Department of Financial Institutions and Office of Credit Unions will be closed on Friday September 3, 2010 as a result of the day being designated as a Furlough Day for employees of the Department of Financial Institutions and the Office of Credit Unions.

In addition, we will also be closed on Monday September 6, 2010 for Labor Day.

Although the Agency will be closed to the public, Internet Web Services will still be available for individuals who are accessing or filing documents over the Internet. For additional information regarding documents that can be filed or processed over the Internet for a specific program, please visit that program’s information on our web site.

A full list of the days that the Agency will be closed during this calendar year is available by visiting the link shown below:

2010 Closure Dates (PDF: 18 KB / 1 page)

About DFI

State Bank Regulators Group Announces Officers, Board for 2010-2011

WASHINGTON, D.C. - Following its annual business meeting in Boston, Mass., the Conference of State Bank Supervisors (CSBS) announced the results of officer and board elections for 2010-2011. As part of the election process, Michael J. Mach, the Administrator of the DFI Division of Banking, was appointed by the CSBS Board of Directors to be an at-large board member for 2010-2011.

We congratulate Mike on his appointment and thank him for taking on this important role.

Wisconsin’s Participation in NMLS
National Mortgage Licensing System

Wisconsin recently made and is now in the process of implementing significant changes to its mortgage banking laws. Many of these changes were made in order to bring Wisconsin’s mortgage licensing laws into compliance with the federal “Secure and Fair Enforcement for Mortgage Lending Act of 2008” (SAFE Act).

The SAFE Act has the impact of requiring all states to pass mortgage licensing laws and regulations that meet or exceed specific national standards.

The Wisconsin Department of Financial Institutions’ Division of Banking - Mortgage Banking Section is now in the process of implementing the new laws and regulations. As part of this process, the Department began accepting new applications and transition requests through the National Mortgage Licensing System (NMLS) as of January 4, 2010.

The Department of Financial Institutions has put together information on the statutes, rule and procedural changes that will affect Mortgage Bankers, Mortgage Brokers and Mortgage Loan Originators doing business in Wisconsin. Because of the significant changes taking place, it is critical that each licensee review the undated statutes and rules closely. For details, please visit our Mortgage Banking web page at: http://www.wdfi.org/fi/mortbank/.

Additional information on the National Mortgage Licensing System is available on their website at: http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx.

News and Highlights

DFI-Led National Institute of Financial and Economic Literacy Celebrates 10th Anniversary
The Department of Financial Institutions (DFI) Identifies Top Investor Traps for 2010
Update on DFI’s New Online Franchise E-Filing Service
Update: August 2010
In January of 2010, Wisconsin’s Department of Financial Institutions made available a new web-based application which will allow customers to file franchise registrations and amendments online. Wisconsin is the first state to develop an electronic filing system for franchise registrations and amendments.

DFI encourages customers to use the new online application, since paper filings can get delayed in the mail, and have extra costs related to printing and mailing the filing to DFI. The online filing process takes about 10 minutes, and DFI receives the filing instantly. Also, there is NO additional fee for filing online!

In Wisconsin, franchise registrations and amendments are “effective upon receipt”. As such, your filing will become effective as soon as the online filing process is complete. The online filing process provides a simple way to upload the franchise disclosure document (in .pdf format).

A link to the online filing application can be found on DFI’s homepage under the QuickFile section, and at: https://www.wdfi.org/apps/franchiseefiling/

Another major feature of the new Franchise E-Filing system, is that it allows customers to search for franchise registrations, see their status (active or expired), and also see the disclosure documents for active filings that were made online.

We hope you enjoy the ease and convenience of using the new online application. Please contact us at 608-266-8557 if you have any comments or questions on using the new application.
Divison of Securities Launches Branch Office Online Filing for Federal-Covered Advisers
Governor Doyle Congratulates Winner of First-Ever Finance and Investment Challenge Bowl
Securities Law Penalty Enhancer Legislation Is Signed and Becomes Effective (PDF: 686 KB / 2 pages)